SpiceJet Settles Winding-Up Case; Maran Dispute Pending
SpiceJet Ltd. has reached an in-principle commercial settlement with Credit Suisse AG in the winding up case initiated by the latter against the airline company.
The company said in a filing with stock exchanges that:
The process of documentation is underway.
The settlement with Credit Suisse follows SpiceJet's successful settlements with Boeing Company, De Havilland Aircraft of Canada Limited and Aircraft Lessors such as CDB Aviation and Avolon.
In December 2021, the Madras High Court had ordered winding up of SpiceJet on grounds that it failed to clear debt owed to Credit Suisse. The financier moved court on grounds of non-payment of dues worth $24 million
A month later, SpiceJet challenged the single-judge order before a division bench, which came to be dismissed.
The company then preferred a petition before the Supreme Court against the high court's winding up order—the matter is ongoing.
Separately, the Supreme Court on Thursday allowed further time for SpiceJet to consider the settlement of a long-standing dispute with the budget airline's former owner Kalanithi Maran. During the hearing, Maran argued that he is owed around Rs 300 crore in interest over the Rs 600 crore offered by SpiceJet.
The bench then suggested paying Maran the interest and closing the matter for good.
In February, SpiceJet had offered to pay Rs 600 crore ($80 million) to settle the dispute with Maran. This prompted the Supreme Court to advise Maran to consider SpiceJet's proposal.
The matter will be next heard on April 12.
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